Buyers snap up new Hong Kong flats ahead of likely interest rate rises

Hong Kong developers have already sold more than 290 of the new flats they launched over the weekend, as buyers look to lock in mortgages ahead of an anticipated rise in interest rates later this year, according to property agents. The decision by the city’s major banks to hold rates steady despite the US Federal Reserve’s recent rate increase appeared to have given buyers a push, with many expecting local rates to rise in the coming months, said Derek Chan Hoi-chiu, head of research at Ricacorp...